Small Cap Breakfast
Total number of AIM Companies (Incl Susp):
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*as at close of business 9 May 2018
Standard List** of Main Market:
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Total number of Standard List Companies trading:
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NEX Growth Market:
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*A corporate client of Hybridan LLP
** Standard Listing as defined by Hybridan LLP to be a business with strictly operational activity
Dish of the day
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What’s cooking in the IPO kitchen?
Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Offer TBC, expected late May.
Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May
Team17 Group -video games label and creative partner for independent developers. Since 2014, delivered a revenue CAGR of 69% (31 December 2015 to 31 December 2017), with revenues of £29.6m and Adjusted EBITDA of £12.9m. Offer TBA
Serinus Energy -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m. Offer TBA. Due mid May.
On the horizon (speculative and rumoured IPOs)
Finablr - press reports in ‘Arabian Business’ that Money transfer firms UAE Exchange, Travelex and others under UAE billionaire Bavaguthu Raghuram Shetty’s newly formed holding company Finablr are preparing for a London IPO
Vannin Capital—Press reports that litigation funder Vannin Capital is working on plans to float on the London Stock Exchange later in 2018 with an expected valuation of well over £500m.
VinaLand (LON:VNL) $0.53 $86.45m
“The investment vehicle established to target strategic segments within Vietnam's emerging real estate market, announces that it has divested its entire stake in the Pavilion Square project.
The Project, located in Ho Chi Minh City, Vietnam and acquired by VNL in 2007, is designated for a future mixed-use development. VNL has divested its entire stake in the Project to RC12 Investment Joint Stock Company at a valuation of 11.2% above the 31 March 2018 unaudited net asset value and 13.7% above the unaudited net asset value at the time of VNL's extraordinary meeting in Nov 2016, with both figures including adjustments for additional investments up to the date of exit. This transaction will result in net cash proceeds of $36.9m, excluding repayment of shareholder loans, and at an IRR of -3%. At the time of this announcement, the Company has received approximately 99.5% of net proceeds and the remainder is expected to be received no later than Nov 2018.”
Falcon Oil & Gas (LON:FOG) 19.4p £180.56m
Interim Financial Statements for the three months ended 31 March 2018. Strong financial position, debt free with cash of $8.5m at 31 March 2018 (31 Dec 2017: $9m).
Continued focus on cost management and efficient operation of the portfolio. Total Loss $655k vs $2.96m. Last month Falcon welcomed the decision by the Northern Territory ("NT") government to lift the moratorium on hydraulic fracturing.
“Well testing completed just prior to the moratorium indicated a very promising material gas resource in the Beetaloo sub-basin. As detailed in our 15 Feb 2017 press release, a resource study based on the Amungee NW-1H well results and other key wells in the Beetaloo Basin estimated an OGIP of 61 TCF and 6.6 TCF gross contingent resource, over an area of 1,968 km2.
Resumption of work with our joint venture partner, Origin Energy Limited will start as soon as practical, adopting recommendations of the scientific inquiry and obtaining necessary approvals to complete the remaining work programme.”
Nostra Terra Oil & Gas (LON:NTOG) 5p £6.76m
“The oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, announced the commencement of drilling of its third well in the Permian Basin, in Mitchell County, Texas.
Following drilling and logging of the G6 well (as announced on 10 May 2018), the rig was mobilized to the next drilling location, the C8 well and drilling has now commenced. The drilling and logging of the C8 to approximately 3,200 feet is expected to take approximately 6-8 days, with completion of the well anticipated to follow shortly thereafter. Nostra Terra owns a 73% Working Interest ("WI") in the C8.
The well is planned to test both the Clearfork and San Andres formations, both of which are producing formations in the area. The Clearfork has three different members (a distinct part of a formation) that produce on the lease and in neighbouring leases (Upper Clearfork, Middle Clearfork, and Lower Clearfork from approximately 2,500 feet to 3,200 feet). If successful, the well will be connected to existing infrastructure.”
The Africa focused oil and gas exploration group, is pleased to announce the arrival of the Topaz-Driller rig in Cameroon waters.
The two well appraisal drilling campaign on the Etinde asset, in which the Company holds a 25% interest, is due to commence shortly with the IM-6 well expected to spud at the end of May.
The Topaz-Driller has been contracted for 150 days.
Trading update. The Board reports that its subsidiary Autonomous Robotics Ltd's ("ARL") prototype autonomous underwater vehicle ("AUV") has successfully concluded tethered underwater tests and will be undergoing autonomous underwater tests in the near future.
The Board has been advised by FairfieldNodal, Inc. ("FFN") that FFN is focusing on growing the business of Thalassa's former subsidiary WGP Group Ltd and does not currently intend to conclude an investment in ARL, as announced on 15 August 2017.
Thalassa is now exploring options to raise further capital in ARL to accelerate the development of the prototype.
Buy back of 1m shares authorised during the close period starting today.
CEPS (LON:CEPS) 39.5p £5.2m
FYDec17 results from the industrial holding company. Group revenue at £23.60m for the year (2016: £24.32m) was down by 3% whilst operating profit more than doubled to £1.10m from £536k. PBT was up at £902k (2016: £146k) before the exceptional goodwill impairment charge of £847,000 (2016: £611,000). Group costs were slightly higher than last year at £322,000 (2016: £308,000), but include the professional fees for the triennial valuation of the Dinkie Heel Retirement Benefit Scheme. The post-tax loss was £221k (2016: loss £913k). In the year cash generated from operations improved to £1.77m (2016: £1.11m), and there was a net increase in cash and cash equivalents of £807,000 (2016: net decrease of £67,000). Year-end cash was £1.37m (2016: £840,000). “Trading in the current year is marginally behind the Board's expectations. However, we expect the Group to make progress as the year unfolds.” No forecasts.
Midwich (LON:MIDW) 660p £524m
As part of a review of succession plans for the role of Group FD, Anthony "Tony" Bailey will step down as Group FD and from the Board on 30 June 2018.
The Board is pleased to announce that Stephen Lamb has been appointed to succeed Tony as Group FD and will join the Group's Board on 30 July 2018.
Stephen Lamb is a qualified Chartered Accountant and is currently Senior Vice President and CFO of the International division of Iron Mountain INC, a US-listed global business dedicated to storing, protecting and managing information and assets. Whilst at Iron Mountain, Stephen has had a strong commercial finance role supporting the profitable and cash generative development of the international business.
FYDec18E rev £555.8m and PBT £27.23m.
Totally (LON:TLY) 27.02p £15.54m
“The provider of a range of out-of-hospital services to the healthcare sector in the UK, announced that its wholly-owned subsidiary Vocare Limited, one of the UK's leading national specialist providers of urgent care services, has renewed a contract with Northumbria Healthcare NHS Foundation Trust. The Contract is worth a total of c. £1.2m pa.
Following a competitive tender process to provide a single urgent care service to NHS North Tyneside CCG, Northumbria FT has renewed Vocare's contract for the provision of GP Out-of-Hours services. The Contract, commencing 01 Oct 2018, will run for 3 years until 30 Sept 2021, with the option of extending a further 2 years.”
FYMar19E rev £40.3m and £1.76m loss.
Faron Pharma (LON:FARN) 152.5p £47.3m
Update on the Phase III INTEREST trial of Traumakine in the treatment of ARDS. Early analysis of certain biomarker indicators suggest that the treatment did not produce the expected interferon-beta bioactivity in the treatment group that was previously seen in Faron's Phase I/II trial for Traumakine.
It is still too early to understand why this is the case and there are a number of possible causes that the Company are investigating including, inter alia, formulation, administration and deactivation. Further detailed analysis of the data and testing of product batches still needs to be conducted, and therefore there is no guarantee that this will ultimately prove to be conclusive or, of the resultant implications of that analysis.
The UK's leading value butcher, announced the appointment of Jim Viggars as CEO and Nick Taylor as CFO with effect from 21 May 2018. Jim has over 30 years' experience within the meat industry across procurement, customer strategy and agriculture. Between 2005 and 2015, Jim was the Head of the Fresh Meat Department at UK supermarket ASDA. His departure from ASDA was referenced in an article by The Grocer citing his dismissal for gross misconduct in connection with breaches of Walmart's expenses policies. Nick joins Crawshaw having served as CFO of Janan Meat, the UK's premier dedicated Halal Lamb and Mutton meat processor, since January 2017. Prior to this Nick was Finance Director of the Egg products division at Noble Food Group. FYJan19E £51m rev and £0.8m loss.